Seat Holders' Power
Appears to Be Limited

New York Stock Exchange seat holders are exercising rarely used rights in an attempt to spark personnel changes at the Big Board. Getting more than headlines for their efforts may be tricky.

Last week a group of influential New York Stock Exchange members, who together control dozens of the exchange's membership seats, began drafting a petition calling for a special meeting to discuss potentially replacing Big Board Chairman Dick Grasso and the NYSE's board. Mr. Grasso and the Big Board are under fire for the size of his compensation...